Tax Exchange Agreement

The US has signed agreements with a large number of OFCs for the exchange of information on tax matters and has stated its intention to sign similar agreements with all other OFCs before the end of 2003. The OECD’s intention is for all its members to sign exchange of information agreements with all OFCs. So soon the US will be able to obtain whatever information it requires on any structure set up within an OFC using the TEAs and may then exchange that information under the Tax Treaties it has signed with virtually all developed nations.